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Switching to a brief profit taking session, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer, NSEASI gave up 12Bpt of its trading points, and closed at 38,802.15 from 38,849.08. It was a mixed performance amongst the observed market indices, as shown in the index movement table. Thus, WtD, the lead index is 35Bpts above opening, while the total gained points in the month of July is now 236Bpts. See the index movement table for details.
As expected, the 280th Monetary Policy Committee Meeting ended with all rates left at status-quo, but against this move, the committee announced that it will stop supplying the Bureau de Change (BDC) Fx as usual, this move according to the committee is due to the depleting nation’s reserve, and the frustrating attitudes of the BDC operators. Although the CBN will no longer supply Fx to BDC, it permitted operators to source Fx, while playing strictly by the anti-laundry rules and regulations of the country. By these moves, the commercial banks will take back its role in supplying Fx to approved international transactions/payments. In our opinion, this is a welcome development. Meanwhile, in the equities market, short profit taking activities set in today, slashing off N24.453 billion from the market capitalisation of listed equities’ value, we are of the opinion that, this move will not last long, as expected earnings will boost performance.
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N24.453 billion, same as 12Bpts below the opening value. Meanwhile, trading activities for the day produced 20 ADVANCERS and 20 LAGERS. NSEASI Year to Date loss is now 365Bpts while the Market Capitalization Year to Date loss stood at N840.276 million same as 399Bpts below the year’s opening value.
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